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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15296
Experience:  15years with H & R Block. Divisional leader, Instructor
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Is the Fair Market Value of gold bullion deductible as a charitable

Resolved Question:

Is the Fair Market Value of gold bullion deductible as a charitable contribution if gifted to a qualitifed 501(c) (3).

We know it is a collectible and subject to 28% LT cap gains tax, but unclear as to valuation for contribution to a quailfied chartitable organization.

Your assistance and code or reg cites appreciated.

Harry c Ballman, MBA, CPA, PFS
PTIN P00039434 [email protected]
Submitted: 6 years ago.
Category: Tax
Expert:  Robin D. replied 6 years ago.

Robin D :

Hello and thank you for using Just Answer.
I understand that it would require an appraisal from a commidities broker because the units are not standardized. This would be in keeping then with fair market value on date of contribution. Unless the gold bullion would have a use related to the charities business the deduction would be limited.
Rev. Rul. 69-63, 1969-1 C.B. 63
Reg. 1.170A-4

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